Developing child and youth-friendly financial services in Zambia

Child and Youth Finance International (CYFI) in collaboration with the Bank of Zambia (BoZ) organised a two-day product development workshop on May 9 and 10, 2016, at Protea Hotel Lusaka. The objective of the workshop was to train Zambia´s financial services providers (FSPs) on how to develop innovative, appropriate, and cost effective savings accounts for children and youth. It also aimed at training participants on how to link product portfolios for children and youth to financial education.

Twenty-six participants, including representatives from 12 commercial banks, attended this workshop. There were also participants from the banking and insurers associations of Zambia, the Bank of Zambia, and FINCA Zambia. The resource persons were from the CYFI Secretariat, PostBank Kenya and the Private Education Development Network (PEDN) Uganda.

The workshop was designed to foster in-class interaction between the resource persons and participants and among the participants themselves. This ensured collaborative learning experience and greater participant satisfaction. The workshop covered seven theoretical topic and provide practical examples from PostBank Kenya and PEDN Uganda. A key component of the workshop was group exercises. The topics threated were the following:

Modules

    1. Financial inclusion and education landscape of Zambia
    2. Why child and youth friendly products are important.
    3. The business case for child and youth friendly products.
    4. What makes a ´child and youth friendly´ product
    5. How to develop child and youth friendly products.
    6. Marketing child and youth friendly products
    7. Combing access with education: SchoolBank

A key component of the training was the break-outs and group exercise that gave participants hand-on experience on the product development process, and new perspective on the value proposition for youth financial services. The break-out/group sessions were organised around the following themes:

    1. Motivation for child and youth friendly product
    2. Value proposition towards child and youth financial services.
    3. Product development and assessment
    4. Marketing-communication strategy
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